Learn The Basics Of CRAR And The Rights As A Landlord
It is very essential for a tenant to pay commercial rent on time or it gives the landlord the authority to evict him or her from the business property. If you have taken a business property on lease then it is very essential to have a thorough knowledge about commercial rent arrears recovery process to avoid any trouble in future.
Why is it necessary to know the procedure?
Due to the CRAR recovery procedure, a landlord can not only evict the tenant but he or she can sell the belongings of the tenant to recover the due rent. During the initial stage, the landlord will send an enforcement agent to the tenant so that he can collect the rent and to see if the property of the tenant which would fetch him considerable amount of money on selling the items. It is also advised to payback the sum due within a weeks’ time.
If you won’t be able to pay the due sum in time then the landlord has the authority to send a legal notice from the court of law which you have to follow. The legal notice will be in the form of letter which will state the due amount of rent that you have to pay. Due to the CRAR, the landlord also has the right to apply for different tenant insolvency proceedings viz. compulsory liquidation, CVA, receivership etc. Furthermore, landlord can also go for voluntary liquidation process in which the court imposes no restrictions on the landlord and he can sell any of your belongings.
This article was provided by Commercial Evict LTD.